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Fair Value of Assets and Liabilities (Tables)
3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Summary Of The Balances Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
The following tables present the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:
Fair Value Measurements at Reporting Date Using
Balance as of March 31, 2021Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
Description
(Dollars in thousands)
Assets
Securities available for sale
Government-sponsored residential mortgage-backed securities$2,691,702 $— $2,691,702 $— 
Government-sponsored commercial mortgage-backed securities116,271 — 116,271 — 
U.S. Agency bonds831,672 — 831,672 — 
U.S. Treasury securities69,090 69,090 — — 
State and municipal bonds and obligations277,518 — 277,518 — 
Rabbi trust investments94,005 85,720 8,285 — 
Loans held for sale2,022 — 2,022 — 
Interest rate swap contracts
Customer-related positions90,748 — 90,748 — 
Risk participation agreements391 — 391 — 
Foreign currency forward contracts
Matched customer book81 — 81 — 
Foreign currency loan18 — 18 — 
Total$4,173,518 $154,810 $4,018,708 $— 
Liabilities
Interest rate swap contracts
Customer-related positions$33,620 $— $33,620 $— 
Risk participation agreements530 — 530 — 
Foreign currency forward contracts
Matched customer book61 — 61 — 
Foreign currency loan— — 
Total$34,216 $— $34,216 $— 
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 2020Quoted Prices in
Active Markets
for Identical
Assets (Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Securities available for sale
Government-sponsored residential mortgage-backed securities$2,148,800 $— $2,148,800 $— 
Government-sponsored commercial mortgage-backed securities17,081 — 17,081 — 
U.S. Agency bonds666,709 — 666,709 — 
U.S. Treasury securities70,369 70,369 — — 
State and municipal bonds and obligations280,902 — 280,902 — 
Rabbi trust investments91,683 83,884 7,799 
Loans held for sale1,140 — 1,140 — 
Interest rate swap contracts
Customer-related positions141,822 — 141,822 — 
Risk participation agreements722 — 722 — 
Foreign currency forward contracts
Matched customer book90 — 90 
Foreign currency loan— — 
Total$3,419,327 $154,253 $3,265,074 $— 
Liabilities
Interest rate swap contracts
Customer-related positions$42,600 $— $42,600 $— 
Risk participation agreements1,230 — 1,230 — 
Foreign currency forward contracts
Matched customer book77 — 77 — 
Foreign currency loan69 — 69 — 
Total$43,976 $— $43,976 $— 
Summary Of The Reconciliation For All Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs Level (3)
The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the three months ended March 31, 2020:
Securities
Available for Sale
Qualified Zone Academy Bond(In thousands)
Balance at January 1, 2020:$6,310 
Gains and losses (realized/unrealized):
Included in net income27 
Included in other comprehensive income(88)
Balance at March 31, 2020$6,249 
Summary Of The Fair Value Of Assets And Liabilities Measured At Fair Value On A Nonrecurring Basis The following tables summarize the fair value of assets and liabilities measured at fair value on a nonrecurring basis, as of March 31, 2021 and December 31, 2020.
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of March 31, 2021Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(Dollars in thousands)
Assets
Collateral-dependent impaired loans whose fair value is based upon appraisals$11,685 $— $— $11,685 
Fair Value Measurements at Reporting Date Using
DescriptionBalance as of December 31, 2020Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(Dollars in thousands)
Assets
Collateral-dependent impaired loans whose fair value is based upon appraisals$11,036 $— $— 11,036 
Schedule of Fair Value of Financial Instruments
The estimated fair values and related carrying amounts for assets and liabilities for which fair value is only disclosed are shown below as of the dates indicated:
Fair Value Measurements at Reporting Date Using
Carrying Value as of March 31, 2021Fair Value as of March 31, 2021Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Loans, net of allowance for loan losses$9,772,722 $9,870,710 $— $— $9,870,710 
FHLB stock8,805 8,805 — 8,805 — 
Bank-owned life insurance79,110 79,110 — 79,110 — 
Liabilities
Deposits$12,980,875 $12,980,753 $— $12,980,753 $— 
FHLB advances14,473 14,299 — 14,299 — 
Escrow deposits from borrowers14,878 14,878 — 14,878 — 
Fair Value Measurements at Reporting Date Using
Carrying Value as of December 31, 2020Fair Value as of December 31, 2020Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs (Level 2)
Significant
Unobservable
Inputs (Level 3)
(In thousands)
Assets
Loans, net of allowance for loan losses$9,593,958 $9,779,195 $— $— $9,779,195 
FHLB stock8,805 8,805 — 8,805 — 
Bank-owned life insurance78,561 78,561 — 78,561 — 
Liabilities
Deposits$12,155,784 $12,155,843 $— $12,155,843 $— 
FHLB advances14,624 14,434 — 14,434 — 
Escrow deposits from borrowers13,425 13,425 — 13,425 —